Christie profits soar on improved showing from business services division

Business services provider Christie Group saw operating profits soar in its most recent trading year as revenues were boosted by strong activity at its professional business services division.

The AIM-quoted firm saw an "encouraging rebound in performance following a disrupted 2016" over the twelve months leading to 31 December, with revenues growing 11% year-on-year to finish the period at £71.6m, mostly due to higher-volumes of transaction-related business.

Operating profits for the year came in at £3.8m, up from the £1.1m posted before exceptional items in 2016, which was mostly in line with the City's expectations.

Christie witnessed a strong recovery from its PBS division, with revenue up 15.9% year-on-year, but was still stuck with many of the challenges previously seen over at its stock and inventory system and services division.

David Rugg, the group's chairman and chief executive, said, "Looking ahead, 2018 has started well. We have a good volume of Client M&A transactions in progress."

"As a result, we anticipate our first-half performance will be significantly ahead of last year's first-half performance," he added.

The firm increased its final dividend to 1.75p per share, up from the 1.5p returned to shareholders in 2016, meaning its total dividend moved ahead to 2.75p, up from 2.5p at the same time a year earlier.

Earnings per share leapt to 9.47p from 5.41p.

As of 1630 BST, shares had jumped 21.83% to 120.00p.